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Steelcase (SCS) Dips More Than Broader Markets: What You Should Know

Zacks Equity Research

Steelcase (SCS) closed the most recent trading day at $17.90, moving -1.05% from the previous trading session. This move lagged the S&P 500's daily loss of 0.12%. At the same time, the Dow added 0.11%, and the tech-heavy Nasdaq gained 0.02%.

Prior to today's trading, shares of the office furniture maker had gained 2.67% over the past month. This has outpaced the Business Services sector's gain of 0.5% and lagged the S&P 500's gain of 4.42% in that time.

Investors will be hoping for strength from SCS as it approaches its next earnings release. The company is expected to report EPS of $0.35, down 2.78% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $935.70 million, up 3.85% from the year-ago period.

SCS's full-year Zacks Consensus Estimates are calling for earnings of $1.35 per share and revenue of $3.73 billion. These results would represent year-over-year changes of +12.5% and +8.43%, respectively.

Investors should also note any recent changes to analyst estimates for SCS. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. SCS is currently sporting a Zacks Rank of #1 (Strong Buy).

In terms of valuation, SCS is currently trading at a Forward P/E ratio of 13.4. For comparison, its industry has an average Forward P/E of 13.4, which means SCS is trading at a no noticeable deviation to the group.

The Business - Office Products industry is part of the Business Services sector. This industry currently has a Zacks Industry Rank of 4, which puts it in the top 2% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

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